Hellenic Hypermarkets Sklavenitis has paid €26 million (€26,021,023, specifically) to BSH Household Appliances (BSH) for the acquisition of the former Pitsos factory, located on An. Karkavitssa 1 and Kanapitseri 7, in the municipality of Nikaia-Aghios Ioannis Rentis, as stated in BSH's financial statements, under the item 'Other income and profits', published in the GEMI. BSH stressed that the total sale price exceeded the undepreciated value of the property, which was €9.5 million. 

THE BACKGROUND

This is an investment (which you first read about in the Real Estate Daily Secret on July 4) that requires the approval of the Central Council of Modern Monuments (CCNM) of the Ministry of Culture. To be precise, the conclusion of the meeting, which FnB Daily learns was scheduled for last Friday and will take place today at noon, has special significance for Sklavenitis. The conclusion will determine whether or not the property will be classified as a newer monument and the amount and type of interventions to be made to it.

PENDING DECISIONS

Although no final decisions have been taken for the development of the property, with a total surface area of 53,399 sq m, Sklavenitis has proceeded with the establishment of 'Pitsos Real Estate Management One Person Limited Company' for the financial management of the property.

THE PROPERTY MANAGEMENT COMPANY

According to the company's incorporation document at the General Registry of Companies, the share capital of the new company, whose sole shareholder is Hellenic Hypermarkets Sklavenitis (EYS), amounts to €300,000. The purpose of the company, in addition to the activities related to the type of the group, includes other, varied activities that were included in the purpose, wanting the chain to maintain flexibility until it decides how to develop the property.